Aoxing Pharmaceutical today announced the China Administrative Bureau of Industry and Commerce granted a Business License for the Naloxone Hydrochloride API product to Hebei Aoxing API Pharmaceutical Company, Ltd., the joint venture between Aoxing Pharma and Macfarlan Smith Ltd., a wholly owned subsidiary of Johnson Matthey Plc. Aoxing Pharma also announced that the joint venture received a foreign investment authorization certificate from the Department of Commerce of Hebei Province.
We have entered 2011 with exciting advances in our narcotic and pain management product franchise. We now have a clear path forward to commercialize our own pipeline products, as well as new product opportunities under the international joint venture and product collaborations with our strategic partners, including Johnson Matthey, QRxPharma and Phoenix PharmaLabs, in broader acute, chronic-pain and drug addiction therapeutics. As we focus on these priorities, we continue to manage our financial performance effectively throughout the organization. We effectively worked through the recertification process and have successfully listed on the NYSE Amex, setting us up to continuously build our global business presence in narcotics and CNS related therapeutics in the coming fiscal year 2011.
Aoxing Pharma and Johnson Matthey Plc have entered into an agreement to establish a joint venture through affiliated companies focused on research, development, manufacturing and marketing of active pharmaceutical ingredients for narcotics and neurological drugs for the China market. The joint venture will seek cGMP approval by the China SFDA for a dedicated manufacturing facility by the end of 2010 and plans to begin manufacturing in the first quarter of 2011. It will initially develop eight narcotic API products for the China market but its product range could potentially exceed 30 products.